The article explores the best way for a seller to auction off a single item to multiple buyers, while competing with another seller. The researchers found that the optimal strategy involves taking bids from the top two buyers, giving the item to the second-highest bidder, and using a specific rule to decide when to hold back the item. This strategy can be implemented using a modified auction method, which generates more revenue than a standard reserve price. The findings also apply to procurement auctions and shed light on how to compete effectively in sequential auctions.